Decoding financial misconceptions of the mortgage industry

If you’re looking to purchase a new home or refinance your existing one, there may be certain things surrounding the mortgage process that can be a bit confusing, so having a professional to walk you through it can be quite helpful.

Zachary Levesque, Director and Branch Manager of Home Point Financial, joined the Rhode Show Monday to discuss the following financial misconceptions of the mortgage industry.

  • Misconception 1: I must get my mortgage through the same lender I was pre-approved with.
  • Misconception 2: If you have been denied by a lender for financing you will likely be denied if you apply with another lender.
  • Misconception 3: When taking out a mortgage with my spouse, lenders will look at each of your credit reports equally.
  • Misconception 4: The lending process is very stressful and can take 60-90 days to close your home loan.

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